SCOTTSDALE, AZ–(Marketwired – March 20, 2017) –
NOT FOR DISSEMINATION IN THE US OR THROUGH US NEWSWIRE SERVICES
Lattice Biologics Ltd. (TSX VENTURE: LBL) (OTCQB: LBLTF) (“Lattice Biologics” or the “Company“) is pleased to announce that it has obtained TSX Venture Exchange (“TSXV“) approval to issue 75,115 common shares of the Company (“Shares“) to an individual as compensation for certain services rendered to the Company during January and February of 2017.
The Shares will be issued pursuant to the terms of the Shares for Services Agreement (announced August 8, 2016) at a deemed price of Can$0.214. The number of Shares was determined by using the volume weighted average price of the Company’s common shares on the TSXV for the five business days prior to submission to the TSXV for approval of the issuance.
Lattice Biologics also announces that, subject to TSXV approval, the Company plans to convert US$70,000 (Can$93,359.00) of debt (the “Debt“) into equity of Lattice Biologics (the “Transaction“).
The Debt is expected to be converted to equity at a conversion price of Can$0.19 per Share, resulting in the issuance of 491,363 Shares and 491,363 warrants (the “Warrants“) of Lattice Biologics. Each Warrant will be exercisable at a price of Can$0.25 per common share for a period of three years from the date of closing the Transaction.
These transactions demonstrate the confidence and ongoing support of service providers, and help to strengthen the Company’s balance sheet. Reducing debt also increases the Company’s ability to develop new products such as the Company’s new amnion based product AmnioBlast, as well as the AmnioBoost product, expected to launch in late March 2017.
Completion of the Transaction is subject to the approval of the TSXV and compliance with all regulatory requirements. The Shares issuable in connection with the Shares for Services Agreement and the Transaction will be subject to a four-month resale restriction.
Lattice Biologics Ltd.
Chief Executive Officer
Telephone No: (480) 563-0800
About Lattice Biologics Ltd.:
Lattice Biologics Ltd. is an emerging precision medicine leader in the field of cellular therapies and tissue engineering, with an emphasis on bone, skin, and cartilage regeneration. As a manufacturer of the highest quality allografts, Lattice is focused on next generation products to improve surgical outcomes.
Versatile allografts for a variety of surgical applications:
- Enhancing fusion in spine surgery
- Enhancing breast reconstruction post mastectomy for breast cancer patients
- Sports medicine indications, including ACL repair
- Promotion of bone regeneration in foot and ankle surgery
- Promotion of cranial healing following neurosurgery
- Enhancing wound repair in burn victims
- Subchondral bone defect repair in knee and other joint surgeries
The Company is currently exploring new technologies in regenerative and personalized medicine:
- All natural amniotic fluid supplement for arthritic joints
- Personalized Cancer Diagnostics – revolutionary high-throughput precision chemotherapy screening
Lattice Biologics operates headquarters, laboratory and manufacturing facilities in Scottsdale, Arizona as well as offices in Toronto Ontario. The Company maintains all necessary licensures to process and sell its tissue engineered products within the U.S. and internationally. This includes Certificates to Foreign Governments from the U.S. Food and Drug Administration (FDA) and registrations for 29 countries, which allow the export of bone, tendon, meniscus, ligament, soft tissue, and cartilage products outside of the U.S.
Lattice Biologics (TSX VENTURE: LBL) (OTCQB: LBLTF) became a publicly traded company on January 4, 2016.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement on Forward-Looking Information:
Certain information contained in this news release constitutes “forward-looking statements” within the meaning of the ‘safe harbour’ provisions of Canadian securities laws. All statements herein, other than statements of historical fact, are to be considered forward looking. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “potential”, “future”, “expected”, “could”, “possible”, “goal”, “intends”, “will” or similar expressions. Forward-looking statements in this news release include, without limitation: information pertaining to the Company’s strategy, plans, or future financial performance, such as statements with respect to the transactions, future revenues or products, and other statements that express management’s expectations or estimates of future performance. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lattice to be materially different from those expressed or implied by such forward-looking statements.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by management as of the date such statements are made, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The factors and assumptions that could prove to be incorrect, include, but are not limited to: that market prices will be consistent with expectations, the continued availability of capital and financing, and that general economic, market and business conditions will be consistent with expectations. The forward-looking statements are not guarantees of future performance. We disclaim any obligation to update or revise any forward-looking statements, except as required by law. Readers are cautioned not to put undue reliance on these forward-looking statements.
United States Advisory: The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be offered, sold, or resold in the United States or to, or for the account of or benefit of, a U.S. Person (as such term is defined in Regulation S under the U.S. Securities Act) unless an exemption from the registration requirements of the U.S. Securities Act is available. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in the state in the United States in which such offer, solicitation or sale would be unlawful.